INNO9016 From Lab to Market: Commercialising STEM Opportunities GE

2018

4.5

Specific contact hours for each topic include

• 3 x Full day intensive workshop immersions and
• 1 x full day application workshop

Attendance is also required at a number of additional course level full day application workshops.

None

Core topic

Assignments, Project, Tests

The starting point of this topic is at the end of the first stage of product development. In the innovation process this is the point where you have found some validation of product-market fit, meaning that you have developed and validated a product for a specific market. It turns out that the next step, development and implementation of the innovation in the market, is quite difficult. At this stage, you design go-to-market pathways and a scalable and sustainable business model. Whether students are aspiring entrepreneurs launching new businesses or managers focused on growing or re-energising existing businesses, `From Lab to Market` provides students with the tools and hands-on engagement to bring a product to market. This topic examines two key success factors: 1) the product developer and entrepreneur as informed decision-maker, and 2) his/her ability to engage in agile product development and business model planning in the commercialisation stage. Business Models define how an organisation creates, delivers and captures value and are critical to the planning and execution of new and existing ventures. Business models have the potential to create new competitive spaces as well as reinvent stagnant or declining industries and business model development skills are critical for entrepreneurs and next-generation managers.This topic is designed to provide insights into the strategic, marketing, and organisational factors that should be considered when commercialising new products or technologies. The topic highlights critical issues and metrics, associated with linking business objectives to technology development, and how each influences the other. Based on understanding of global industry supply- and value chains as well as business ecosystems, students learn to apply critical analysis against business objectives and strategies, in order to increase the chance to disrupt markets.

This topic helps students apply various research and analytic tools, including financial tools and models for business model innovation, to improve commercialisation decisions in rapidly changing environments. Participants dig deeper into the relation of agile product development processes with business model innovation to better understand how and why the consideration of different strategic, technical and financial issues at each stage improve the likelihood of long-term commercial success and market disruption.

Highly experiential in nature, students will be expected to apply the learning and skills directly to the creation of their unique business model and go-to-market strategy, working individually and in project teams.

Using the business model canvas methodology the business model and go-to-market planning will create a lean and agile `playbook` (a playbook reflects agile strategy and planning, defining possible informed decisions and predetermined responses worked out ahead of time), presenting a compelling case for investment. Students will arrive at a launch point for their venture, armed with the theory and practical knowledge to succeed.

On successful completion of this topic students should be able to:

• Understand and apply concepts and processes involved in a scientific approach towards agile new product development and management in the commercialisation stage
• Analyse the relationship between product development and business models/pathways to market and identify/test key metrics involved
• Recognise the multiple options for business structure, financing, and governance and demonstrate reasoning for decision making process
• Demonstrate use of entrepreneurial framework of tightly integrating strategy, leadership, ethics, legal and financial considerations in order to launch and allow for growth and value in their venture
• Analyse how business models work in different types of organisations - i.e. established firms, governments, NGOs, and startups
• Apply theory to practice and employ creative and analytic tools for identifying, evaluating and selecting an appropriate business model for the technology
• Gain experience developing plausible resource- and financial projections
• Apply theory to practice by developing pathways for go-to-market for the new technology
• Analyse, understand and apply business model innovation and go-to-market strategies with the potential for the new technology to disrupt markets
• Present analysis, conclusions and next steps in report (playbook) and class presentations